本文采用参数和非参数检验方法经验检查中国上市公司注册地所在区域因素与公司债务期限结构之间关系。研究发现:(1)不同区域之间的债务期限结构存在系统性差异:(2)区域因素能解释公司债务期限结构3%左右的变异;(3)中部地区的债务期限显著高于东部、西部地区的债务期限;(4)市场化程度高、经济发达的地区具有相对低的债务期限。
The paper applies parametric and non-parametric test to empirically examine how location of Chinese listed companies are related to their debt maturity structure.The study finds(1)a systematic difference in corporate debt maturity structure among different regions. (2)About 3% variability of corporate debt maturity structure can relate to regional factors.(3)Corporate debt maturity in central China is significantly longer than that in eastern and western China. (4) Corporate debt maturity is relatively low in regions with a higher degree of marketization and economic development.